The Globe and Mail reports in its Thursday edition that Canada's main stock index reached a new record high Wednesday, driven by gains in resource and consumer discretionary shares. A Reuters dispatch to The Globe says that investors are optimistic about potential U.S. Federal Reserve interest rate cuts despite global economic uncertainty. The S&P/TSX composite rose 12.55 points to close at 26,869.66, surpassing its previous record set on Monday. PenderFund's Greg Taylor says: "The market continues to climb the wall of worry. There is a lot of fear out there but I think that kept a lot of people out of the market." Markets opened lower after an unexpected drop in U.S. private payrolls for June, along with downward revisions for the prior month. However, they rebounded before lunch as the U.S. and Vietnam reached a trade agreement imposing 20-per-cent tariffs on many Vietnamese exports. Tesla rose 5 per cent even as the electric vehicle maker posted a big drop in second-quarter deliveries. In Toronto, consumer discretionary rose 2.4 per cent, driven by a 7.8-per-cent gain in Magna shares, while Bombardier surged 21.4 per cent. Bombardier said on Monday it had secured an order for 50 Challenger and Global aircraft.